Escalating home prices often cause many first-time buyers to seek help from their families for the down payment on a new home. If your parents are providing financial assistance for the purchase of a home, it is important that you have very clear agreements with them about the conditions under which their help will be provided.

Sit down with your parents to discuss the details of the arrangement. Is the money they are providing a gift or a loan? If it is a gift, be sure to check with your tax expert to minimize the tax implications. If your parents are loaning the money for the down payment, how will it be paid back? Will there be joint ownership with an equity-sharing agreement? Will your parents be named on the ownership papers with you? Are special documents needed?

Whatever form it takes, parents who help their children buy a home give them an incredible gift!

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Alex Milshteyn, GRI, ABR
Howard Hanna Real Estate Services
1898 W. Stadium Blvd.
Ann Arbor, MI 48103
Office: (734) 418-2400
Cell: (734) 417-3560
Cecile Rock, Assistant: (734) 222-0805
Fax: (734) 661-6393
E-mail: alex@alexmi.com
Cecile Rock, Assistant: cecile@alexmi.com

Experience is what really matters in the real estate industry. With my years of experience you can be assured that your real estate goals will be achieved. Real estate is my passion and it is a career that I love. I enjoy working with people and helping them achieve their goals. There is never a challenge that I would pass up in the real estate world.

My goal is not just to sell real estate, but to educate my clients so they can make their own best decisions. I work closely with them to ensure that all their expectations are being exceeded and that their transaction goes as smoothly as possible. My former clients have commented on how clearly and effectively I have been able to communicate. I always provide my clients with the best service.

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